Stablecoin Economy Continues to Deflate — USDC's Market Cap Shed $6.7 Billion in 83 Days – Altcoins Bitcoin News

However, USDC’s market cap has shrunk a great deal during the last 83 days, as it has dropped by $6.7 billion since

. At the time of writing, at 4:15 p.m. on Wednesday afternoon, USDC’s market valuation is $48.82 billion and on July 7, it was much higher at roughly $55.52 billion.USDC’s market cap today is under the $50 billion zone but for most of 2022, the stablecoin’s market valuation remained above that region. On February 1, 2022, USDC captured the $50 billion mark, in terms of market capitalization, and it remained above that region until April 17.

the fact that Circle does not conduct audit causes a lot of suspicion

It's strange to me that people trust USDC.

What's so surprising about that? Unbacked USDC tokens finally disappear and show the real market cap of this token.

Well don't expect anything major to happen. Circle will just keep on buying $USDC's own volume, just to show they're alright lol. If not, a depeg is imminent.

No surprises here really. Since February 2022, the USDC has seen its balance on exchanges drop continually and is now reaching the level it recorded at the beginning of 2021 — $2.1 billion.

I am not surprised to read such news. USDC is a ponzi scheme. They are about to crash to zero.

People are leaving USDC finally. How long will it take to drop below $1 billion? I think it will happen soon.

Centralized stablecoin. whats not to love lol

Pfff

And it'll continue to drop, and will collapse like UST did, for sure. No one needs this shady coin.

Not surprised at all, Usdc will go to zero now. People don't trust it and crypto platforms delist this stablecoin.

EUR lost more than 30,000,000,000,000 to the USD in 6 month

I told you guys! I was telling that usdc will go down since like 2021.

Not surprised. It was obvious that USDC will collapse eventually.

I don't know why, but people got too exited about this stablecoin, here's a nice reality check

Trash currency

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Really, I only listen to ChiefraFba for signals and analysis

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